Former Orange County Resident Sentenced To 4 Years In Prison For Engaging In A $2.5 Million Fraud Involving Dozens Of Fraudulent Loans To Banks And Credit Unions Throughout The Northeast
Preet Bharara, the United States Attorney for the Southern District of New York, announced that BALDEV TAL, a/k/a “David Tal,” was sentenced today by the U.S. District Judge Vincent Briccetti to four years in prison for conspiring to commit bank fraud.
Manhattan U.S. Attorney Bharara stated: “Banks, credit unions, and small businesses in our community lost millions of dollars because of the fraud perpetrated by Baldev Tal and his co-conspirators. Today, Tal has been sentenced to federal prison for his crime.”
According to the Information previously filed in White Plains federal court and public information:
From at least in or about 2007 through in or about August 2015, Binder Tal, BALDEV TAL, a/k/a “David Tal,” a/k/a “Ashok Kumar,” Shariful Mintu, and their co-conspirators fraudulently obtained loans and lines of credit from banks, credit unions, and other lending institutions. The defendants obtained the loans by providing materially false information to the lenders about the borrowers’ assets, including, but not limited to, false information about the borrowers’ employment and income. Through their scheme, the defendants and their co-conspirators fraudulently obtained more than $2.5 million in proceeds in connection with dozens of loan applications and applications for lines of credit. The vast majority of the loans and lines of credit went into default, and millions of dollars were not repaid.
As part of the scheme to defraud, the defendants used the proceeds to personally enrich themselves and their families. Fraudulently obtained proceeds from the loans and lines of credit were used toward, among other things, (i) credit card debts for personal expenses of the defendants, (ii) debts arising from business expenses, and (iii) debts arising from other fraudulently obtained loans, to conceal the fraudulent nature of these loans.
In addition, the defendants and their co-conspirators also engaged in extensive efforts to perpetuate and conceal the fraudulent scheme. These efforts included, but were not limited to, multiple members of the conspiracy acting as the borrowers for different loans, falsely claiming that the purpose of the loans was to purchase or finance used luxury automobiles, when in fact many of the automobiles were never purchased or leased by the defendants or their co-conspirators, and the loan proceeds were later distributed to other members of the conspiracy and to entities they controlled.
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Previously, the Judge Briccetti sentenced Binder Tal to 30 months in prison and Shariful Mintu to one year and one day in prison.
Mr. Bharara praised the outstanding efforts of the United States Postal Inspection Service, the Internal Revenue Service, Criminal Investigation Division, and the New York State Police Auto Crimes Unit.
This case is being handled by the Office’s White Plains Division. Assistant U.S. Attorney John P. Collins Jr. is in charge of the prosecution.